payment method
Thread Starter
Drifting
Joined: Sep 2004
Posts: 1,390
Likes: 4
From: Richmond VA
payment method
I am confident that my corvette will be sold this week. one thing that has come up is what method of payment do I accept. I have done bank transfers before and bank cashiers checks for smaller items but a few guys were talking about fake cashier checks are happening more often.
any guidance as to what you would do and what have you done? if it was a local buyer it would be much easier because I would go to the bank with them and ensure it happened.
Tim
any guidance as to what you would do and what have you done? if it was a local buyer it would be much easier because I would go to the bank with them and ensure it happened.
Tim
Le Mans Master
Joined: Dec 2007
Posts: 8,000
Likes: 659
From: Puget Sound
Bank to bank wire transfer or a cashiers check made out to you while you're with him at his bank. I wouldn't accept cash. Too many counterfeit bills out there and the possibly of being robbed always exists. Besides, who wants to sit and count 500+ bills. I just sold my 65. I went to his bank, he withdrew the money and they made the cashiers check out to me. 100% safe AND foolproof.
Jim
Jim
Drifting
Joined: Jul 2012
Posts: 1,952
Likes: 7
From: Grants Pass Oregon
From the horses mouth (my bank) the pens are not reliable. when I do cash I like to be at the bank and deposit it right there with the buyer present. once it's accepted by my bank, it's good, but not before.
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Melting Slicks
Joined: Aug 2004
Posts: 3,078
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From: Riverhead New York
Whatever works for you, do not surrender the Title until the cash is in your account. Buyer can take the car but not the Title. Bill of Sale can be given to purchaser with Title to follow once cash is clear. Also, get a copy of photo ID at time of purchase. Bad guys will Balk at that sometimes. This type of Transfer is quite common when cars have Leans from a Bank on them. In the event of a problem with the payment you can File a Police Report. Al W.
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From: Richmond Kentucky
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What about the IRS, or other gov'mt agencies? Do they keep tabs on large deposits? They seem to be watching everything else we do.
Le Mans Master
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From: Richmond Kentucky
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What about the IRS, or other gov'mt agencies? Do they keep tabs on large deposits? They seem to be watching everything else we do.
Le Mans Master
Joined: Oct 2007
Posts: 6,006
Likes: 1,745
From: Richmond Kentucky
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See........................I told ya...........................they were watching and caused me to post this twice.
Melting Slicks
Joined: Sep 2012
Posts: 2,407
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From: Justin, Tx
The bank is required to file a Currency Transaction Report, Form 4789, with the IRS for any deposit over $10,000. Best to document what you paid for the car and any "improvements" other than maintenance.
Pro
Joined: Apr 2005
Posts: 510
Likes: 13
From: Fort Collins CO
Wire transfer
Wire transfer ONLY. I even have a special account that I transfer into then I move it to another account......
If you deposit more than $10k CASH it sets off all sorts of red flags, prob have to pay capital gains etc.....
I'm a Realtor and we cannot accept anything except wire transfer at closing period.
Printers are too good anymore to accept checks. On small items I accept US POSTAL money order prior to shipping then take to post office and cash there, if its bad they will know on the spot if not I have the cash and they cannot take money out of my account.
Just the way it is.....
If you deposit more than $10k CASH it sets off all sorts of red flags, prob have to pay capital gains etc.....
I'm a Realtor and we cannot accept anything except wire transfer at closing period.
Printers are too good anymore to accept checks. On small items I accept US POSTAL money order prior to shipping then take to post office and cash there, if its bad they will know on the spot if not I have the cash and they cannot take money out of my account.
Just the way it is.....
Last edited by Old Vet; Oct 28, 2013 at 08:55 PM. Reason: Edit
Melting Slicks
Joined: Dec 2005
Posts: 2,576
Likes: 32
From: Sarasota Florida
Bank to bank wire transfer or a cashiers check made out to you while you're with him at his bank. I wouldn't accept cash. Too many counterfeit bills out there and the possibly of being robbed always exists. Besides, who wants to sit and count 500+ bills. I just sold my 65. I went to his bank, he withdrew the money and they made the cashiers check out to me. 100% safe AND foolproof.
Jim
Jim
Team Owner
Joined: Aug 2007
Posts: 58,061
Likes: 7,145
Army
Sold my '67 Chevelle SS-396 to a gentlemen who drove to Orlando from Odessa, TX to pick it up. Bank-to-bank wire transfer and everything transacted in about two hours. Clean and safe.
And if the NSA is monitoring tens of millions of cell phone calls in 6 countries monthly, then you can be damn sure ANY electronic money movements are easily tracked if the IRS or DEA or DHS (or whomever) wants it to be...nothing special anymore about $10K cash deposits...
And if the NSA is monitoring tens of millions of cell phone calls in 6 countries monthly, then you can be damn sure ANY electronic money movements are easily tracked if the IRS or DEA or DHS (or whomever) wants it to be...nothing special anymore about $10K cash deposits...
Last edited by Frankie the Fink; Oct 28, 2013 at 10:33 PM.